T.
ROWE
PRICE
Integrated
Global
Equity
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
1.4%
Common
Stocks
1.4%
Ampol
2,319
60
BlueScope
Steel
3,820
60
Brambles
7,718
81
Champion
Iron
16,122
78
Computershare
4,620
79
Northern
Star
Resources
5,705
54
Qantas
Airways (1)
11,098
39
QBE
Insurance
Group
6,325
75
Telstra
Group
28,372
71
Total
Australia
(Cost
$549
)
597
AUSTRIA
0.4%
Common
Stocks
0.4%
Erste
Group
Bank
2,134
95
voestalpine
2,264
64
Total
Austria
(Cost
$158
)
159
BRAZIL
1.1%
Common
Stocks
1.1%
CCR
22,251
61
Lojas
Renner
24,855
84
Petroleo
Brasileiro
18,022
138
Suzano
6,721
86
TOTVS
9,439
53
Vale
5,674
69
Total
Brazil
(Cost
$453
)
491
CANADA
3.2%
Common
Stocks
3.2%
BRP
1,517
102
Canadian
Tire
Corp,
Class
A
626
62
Constellation
Software
87
238
Constellation
Software,
Warrants,
3/31/40 (1)(2)
76
—
Descartes
Systems
Group (1)
1,360
124
Fairfax
Financial
Holdings
120
129
George
Weston
421
57
Granite
Real
Estate
Investment
Trust (3)
1,385
79
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Loblaw
1,038
115
Parkland
2,940
94
Suncor
Energy
4,100
151
TFI
International
1,372
219
Toromont
Industries
413
40
Total
Canada
(Cost
$1,066
)
1,410
CHILE
0.1%
Common
Stocks
0.1%
Banco
de
Chile
452,138
50
Total
Chile
(Cost
$46
)
50
CHINA
1.7%
Common
Stocks
1.4%
Alibaba
Group
Holding,
ADR
(USD)
1,594
115
China
Coal
Energy,
Class
H
(HKD)
43,000
42
COSCO
SHIPPING
Holdings,
Class
H
(HKD)
32,000
34
Lenovo
Group
(HKD)
74,000
86
PDD
Holdings,
ADR
(USD) (1)
961
112
Sunny
Optical
Technology
Group
(HKD)
3,100
16
Tencent
Holdings
(HKD)
3,700
144
Vipshop
Holdings,
ADR
(USD)
4,271
70
619
Common
Stocks
-
China
A
Shares
0.3%
Focus
Media
Information
Technology,
A
Shares
(CNH)
52,700
48
Shanxi
Lu'an
Environmental
Energy
Development,
A
Shares
(CNH)
11,500
32
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
8,680
47
127
Total
China
(Cost
$769
)
746
COLOMBIA
0.1%
Common
Stocks
0.1%
Bancolombia,
ADR
(USD)
1,842
63
Total
Colombia
(Cost
$59
)
63
DENMARK
1.1%
Common
Stocks
1.1%
Genmab (1)
388
116
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Novo
Nordisk,
Class
B
2,730
350
Total
Denmark
(Cost
$307
)
466
EGYPT
0.1%
Common
Stocks
0.1%
Commercial
International
Bank
-
Egypt
38,366
62
Total
Egypt
(Cost
$66
)
62
FRANCE
3.4%
Common
Stocks
3.4%
ArcelorMittal
2,354
65
AXA
4,068
153
Capgemini
492
113
Dassault
Aviation
386
85
Edenred
1,887
101
EssilorLuxottica
371
84
Eurazeo
927
81
Eurofins
Scientific
1,486
95
Legrand
871
92
SEB
991
127
Thales
498
85
TotalEnergies
2,870
197
Verallia
2,277
88
Vinci
843
108
Total
France
(Cost
$1,245
)
1,474
GERMANY
1.6%
Common
Stocks
1.6%
Allianz
511
153
Deutsche
Post
3,597
155
Deutsche
Telekom
4,892
119
Scout24
1,088
82
Siemens
926
177
Total
Germany
(Cost
$618
)
686
GREECE
0.2%
Common
Stocks
0.2%
Eurobank
Ergasias
Services
&
Holdings (1)
47,953
92
Total
Greece
(Cost
$50
)
92
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
HONG
KONG
0.4%
Common
Stocks
0.4%
HKT
Trust
&
HKT
54,000
63
Techtronic
Industries
7,000
95
Total
Hong
Kong
(Cost
$144
)
158
HUNGARY
0.2%
Common
Stocks
0.2%
OTP
Bank
1,760
81
Total
Hungary
(Cost
$75
)
81
INDIA
1.1%
Common
Stocks
1.1%
NTPC
27,452
111
Power
Grid
Corp.
of
India
40,699
135
Shriram
Finance
2,997
85
Tata
Motors
9,402
113
Vedanta
7,372
24
Total
India
(Cost
$334
)
468
INDONESIA
0.7%
Common
Stocks
0.7%
Bank
Central
Asia
126,200
80
Bank
Mandiri
Persero
201,700
92
Sumber
Alfaria
Trijaya
278,700
51
Telkom
Indonesia
Persero
372,500
82
Total
Indonesia
(Cost
$295
)
305
ITALY
1.3%
Common
Stocks
1.3%
Enel
15,963
105
Intesa
Sanpaolo
37,467
136
Stellantis
5,743
163
UniCredit
4,334
165
Total
Italy
(Cost
$391
)
569
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
JAPAN
5.1%
Common
Stocks
5.1%
AGC
2,500
91
Asahi
Group
Holdings
2,600
96
Fast
Retailing
800
249
Hikari
Tsushin
1,000
187
Inpex
6,000
93
LY
25,300
65
MatsukiyoCocokara
4,300
69
Mitsui
2,700
127
Mitsui
Fudosan
12,300
134
Mizuho
Financial
Group
3,300
66
Nippon
Steel (3)
4,000
97
ORIX
4,300
94
Panasonic
Holdings
10,300
98
Seven
&
i
Holdings
4,000
58
Sompo
Holdings
6,300
133
SUMCO
5,200
83
Sumitomo
3,800
92
Sumitomo
Mitsui
Financial
Group
1,100
65
Suntory
Beverage
&
Food
2,000
66
Takeda
Pharmaceutical
4,000
110
Tokyo
Electron
600
157
Total
Japan
(Cost
$1,907
)
2,230
MALAYSIA
0.2%
Common
Stocks
0.2%
CIMB
Group
Holdings
62,100
87
Total
Malaysia
(Cost
$82
)
87
MEXICO
0.7%
Common
Stocks
0.7%
Grupo
Financiero
Banorte,
Class
O
7,624
81
Grupo
Mexico,
Series
B
19,195
114
Orbia
Advance
18,845
39
Wal-Mart
de
Mexico
17,094
69
Total
Mexico
(Cost
$268
)
303
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
2.5%
Common
Stocks
2.5%
Adyen (1)
54
91
ASML
Holding
(USD)
301
292
BE
Semiconductor
Industries
1,421
218
IMCD
701
123
Koninklijke
Ahold
Delhaize
2,494
75
Koninklijke
KPN
16,963
63
NN
Group
2,589
120
Universal
Music
Group
3,998
120
Total
Netherlands
(Cost
$834
)
1,102
NORWAY
0.3%
Common
Stocks
0.3%
Equinor
4,576
123
Total
Norway
(Cost
$114
)
123
PHILIPPINES
0.6%
Common
Stocks
0.6%
BDO
Unibank
40,072
110
Jollibee
Foods
12,930
58
SM
Investments
4,740
82
Total
Philippines
(Cost
$210
)
250
PORTUGAL
0.4%
Common
Stocks
0.4%
Galp
Energia
7,732
128
Jeronimo
Martins
2,874
57
Total
Portugal
(Cost
$160
)
185
QATAR
0.2%
Common
Stocks
0.2%
Qatar
National
Bank
20,181
79
Total
Qatar
(Cost
$84
)
79
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
SINGAPORE
0.5%
Common
Stocks
0.5%
DBS
Group
Holdings
4,700
126
United
Overseas
Bank
3,500
76
Total
Singapore
(Cost
$187
)
202
SOUTH
AFRICA
0.3%
Common
Stocks
0.3%
Exxaro
Resources
2,470
22
Kumba
Iron
Ore
1,524
37
MTN
Group
5,233
26
Woolworths
Holdings
22,601
71
Total
South
Africa
(Cost
$201
)
156
SOUTH
KOREA
1.2%
Common
Stocks
1.2%
Kia
1,177
96
KT
2,132
60
LG
Innotek
261
38
Samsung
Electronics
3,906
239
Samsung
Fire
&
Marine
Insurance
453
103
Total
South
Korea
(Cost
$473
)
536
SPAIN
0.3%
Common
Stocks
0.3%
Amadeus
IT
Group
1,987
128
Total
Spain
(Cost
$138
)
128
SWEDEN
0.5%
Common
Stocks
0.5%
Assa
Abloy,
Class
B
2,172
62
Hexagon,
Class
B
11,818
140
Total
Sweden
(Cost
$191
)
202
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND
0.2%
Common
Stocks
0.2%
Sonova
Holding
344
100
Total
Switzerland
(Cost
$108
)
100
TAIWAN
1.7%
Common
Stocks
1.7%
Chailease
Holding
20,763
111
Evergreen
Marine
Corp.
Taiwan
16,200
87
MediaTek
3,000
112
Taiwan
Semiconductor
Manufacturing
17,000
414
Total
Taiwan
(Cost
$451
)
724
THAILAND
0.2%
Common
Stocks
0.2%
Bangkok
Dusit
Medical
Services,
Class
F
52,900
41
Bumrungrad
Hospital
11,300
70
Total
Thailand
(Cost
$111
)
111
TÜRKIYE
0.2%
Common
Stocks
0.2%
BIM
Birlesik
Magazalar
6,301
70
Total
Türkiye
(Cost
$42
)
70
UNITED
ARAB
EMIRATES
0.1%
Common
Stocks
0.1%
First
Abu
Dhabi
Bank
17,698
64
Total
United
Arab
Emirates
(Cost
$64
)
64
UNITED
KINGDOM
3.8%
Common
Stocks
3.8%
3i
Group
2,752
98
Auto
Trader
Group
13,787
122
Barclays
54,174
125
Bunzl
2,909
112
CRH
1,308
113
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
HSBC
Holdings
21,902
171
Imperial
Brands
4,381
98
Informa
9,402
99
Next
1,166
136
Rolls-Royce
Holdings (1)
19,678
106
Segro
10,319
118
Taylor
Wimpey
59,851
103
Tesco
17,165
64
Unilever
2,560
128
Wise,
Class
A (1)
7,515
88
Total
United
Kingdom
(Cost
$1,414
)
1,681
UNITED
STATES
62.0%
Common
Stocks
62.0%
3M
875
93
AbbVie (3)
1,882
343
Accenture,
Class
A
758
263
Adobe (1)
598
302
Agilent
Technologies (3)
1,050
153
Alphabet,
Class
A (1)
6,334
956
Amazon.com (1)
3,922
707
American
Express
1,005
229
American
International
Group
1,378
108
Ameriprise
Financial
279
122
AMETEK
442
81
Apple
7,696
1,320
Applied
Materials
1,177
243
Arch
Capital
Group (1)
1,299
120
Autodesk (1)
585
152
AutoZone (1)
77
243
AvalonBay
Communities,
REIT
251
47
Baker
Hughes
5,781
194
Bank
of
New
York
Mellon
2,756
159
Bath
&
Body
Works
2,483
124
Baxter
International
2,408
103
Becton
Dickinson
&
Company
503
124
Broadcom
77
102
Broadridge
Financial
Solutions
734
150
Cadence
Design
Systems (1)
801
249
Cardinal
Health
1,189
133
Carrier
Global
1,960
114
Cencora
627
152
Centene (1)
853
67
CF
Industries
Holdings (3)
1,026
85
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
Charles
Schwab
2,186
158
Chubb
527
137
Cigna
Group
603
219
Citigroup
3,609
228
Coca-Cola
3,577
219
Cognizant
Technology
Solutions,
Class
A
1,349
99
Colgate-Palmolive
2,311
208
Constellation
Energy
1,083
200
Corebridge
Financial (3)
5,283
152
Corpay (1)
734
226
CSX
6,211
230
Cummins
479
141
DocuSign (1)
1,770
105
Dominion
Energy (3)
1,500
74
Elevance
Health
297
154
Eli
Lilly
633
492
Equitable
Holdings
5,176
197
Equity
Residential,
REIT
1,500
95
Fair
Isaac (1)
89
111
FedEx
443
128
Ferguson
(GBP)
289
63
Fiserv (1)
1,286
206
Fortinet (1)
3,343
228
Gaming
&
Leisure
Properties,
REIT
2,487
115
Gen
Digital (3)
4,050
91
General
Dynamics (3)
653
184
General
Electric
1,574
276
Global
Payments
1,197
160
GoDaddy,
Class
A (1)
1,463
174
Halliburton
3,703
146
Hartford
Financial
Services
Group
1,975
204
HCA
Healthcare
549
183
Hilton
Worldwide
Holdings
677
144
Hologic (1)
1,912
149
Home
Depot
838
321
Honeywell
International
768
158
Huntington
Ingalls
Industries
362
105
International
Paper
1,345
52
Iron
Mountain,
REIT
1,237
99
JPMorgan
Chase
659
132
Keurig
Dr
Pepper
2,801
86
Kimberly-Clark
897
116
KLA
318
222
Kraft
Heinz
3,995
147
L3Harris
Technologies
706
150
Lam
Research
182
177
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
Leidos
Holdings
937
123
Lowe's
678
173
LPL
Financial
Holdings
298
79
Marathon
Petroleum
1,292
260
Marsh
&
McLennan
584
120
Mastercard,
Class
A
758
365
McKesson
284
152
Medtronic
2,021
176
Merck
2,202
291
Meta
Platforms,
Class
A
820
398
MetLife
651
48
Microsoft
4,418
1,859
Molina
Healthcare (1)
206
85
Mondelez
International,
Class
A
1,899
133
News,
Class
A
4,787
125
Norfolk
Southern
360
92
Nucor
449
89
NVIDIA
1,162
1,050
O'Reilly
Automotive (1)
145
164
Otis
Worldwide
1,596
158
Packaging
Corp.
of
America
493
94
Parker-Hannifin
398
221
PepsiCo
910
159
PG&E
5,780
97
Philip
Morris
International
2,362
216
Procter
&
Gamble
2,095
340
PTC (1)
815
154
Public
Storage,
REIT
251
73
QUALCOMM
1,475
250
Reliance
397
133
ResMed (3)
418
83
Roper
Technologies
259
145
Ross
Stores
720
106
RPM
International
1,342
160
Salesforce
975
294
Skyworks
Solutions
787
85
SS&C
Technologies
Holdings
1,838
118
Stanley
Black
&
Decker
846
83
Stryker
510
183
Synopsys (1)
506
289
T-Mobile
U.S. (3)
699
114
Targa
Resources
1,489
167
Teleflex
582
132
Tesla (1)
360
63
Textron
2,352
226
Thermo
Fisher
Scientific
392
228
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
Travelers
595
137
UnitedHealth
Group
212
105
Valero
Energy
768
131
Ventas,
REIT
726
32
Viatris
9,474
113
Visa,
Class
A
1,358
379
Vistra
2,427
169
Walmart
4,077
245
Wells
Fargo
5,491
318
Westrock
3,348
166
Weyerhaeuser,
REIT
2,356
85
Zimmer
Biomet
Holdings
747
99
Zoetis
635
107
Total
United
States
(Cost
$18,412
)
27,138
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (4)(5)
480,825
481
Total
Short-Term
Investments
(Cost
$481)
481
SECURITIES
LENDING
COLLATERAL
2.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
2.5%
Money
Market
Funds
2.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (4)(5)
1,088,627
1,089
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
1,089
Total
Securities
Lending
Collateral
(Cost
$1,089)
1,089
Total
Investments
in
Securities
102.7%
(Cost
$33,646)
$
44,918
Other
Assets
Less
Liabilities
(2.7)%
(1,177)
Net
Assets
100.0%
$
43,741
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
13
.
.
.
.
.
.
.
.
.
.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
GBP
British
Pound
HKD
Hong
Kong
Dollar
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
USD
U.S.
Dollar
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—
$
—
$
5++
Totals
$
—#
$
—
$
5+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
1,345
¤
¤
$
1,570
Total
$
1,570^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$5
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$1,570.
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Integrated
Global
Equity
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
16
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
17
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
27,727
$
15,621
$
—
$
43,348
Short-Term
Investments
481
—
—
481
Securities
Lending
Collateral
1,089
—
—
1,089
Total
$
29,297
$
15,621
$
—
$
44,918
T.
ROWE
PRICE
Integrated
Global
Equity
Fund
18
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F203-054Q1
03/24